Corporate lending of Hungarian banks up in March

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The corporate lending stock of Hungarian banks was up in March from the previous month as companies were net borrowers, while revaluations decreased lending stocks, fresh data from the National Bank of Hungary (MNB) show, Hungarian news agency MTI reported today.

The corporate lending stock of Hungaryʼs banks was up HUF 56.9 billion to HUF 6.1254 trillion, according to non-adjusted data. Net borrowing came to HUF 58.6 bln, while revaluations and other changes lowered the lending stock by HUF 1.7 bln.

The stock of forint loans grew by HUF 0.5 bln and that of foreign currency loans by HUF 59.7 bln because of transactions. Revaluations decreased the forint loan stock by HUF 0.8 bln and the FX loan stock by HUF 1.6 bln.

Holdings by credit institutions of bonds issued by non-financial corporations decreased by HUF 1.5 bln due to transactions and increased by HUF 0.6 bln due to revaluations, bringing the stock of bonds to HUF 90.7 bln.

Corporate deposits, meanwhile, rose by HUF 64.3 bln to HUF 6.4148 tln in March. Deposits were up due to transactions by HUF 65.4 bln, but revaluations decreased the stock by HUF 1.1 bln.

According to the MNB, there were net outflows of HUF 30.5 bln from foreign currency deposits and net inflows of HUF 95.9 bln into forint deposits. Revaluations increased FX deposits by HUF 5.0 bln and lowered forint deposits by HUF 6.2 bln.

The euro strengthened by around 0.3% against the forint between the end of February and the end of March, calculating with the central bankʼs daily rate fixing.

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